Hi Eric Hyde
Thanks for the info. I dont know if this is a legit seller (i spoke with him over the phone, I met him on connected investors) i know he is selling another one.
The balance on the property is $35,000 there is a tax lien on the house ($4000) and he is selling the note for $17,000. she stopped paying about 5 months ago.
I ran comps on the property and the value is between $63,000 - $72,000.
The home owner is running a boutique in the house and she filed for bankruptcy and the hearing is in 10 days. According to my understanding she filed for bankruptcy last year but the court didn't accept it.
I know that my options are as following. In case the court gets her bankruptcy then the court will decide how much she needs to pay monthly. In case the court doesn't accept than i need to foreclose on her.
Small noob question regarding this and foreclosure. In case i file for a foreclosure i need to sell the house on auction or i can keep it once i pay the tax lien on the house?
thanks
Jonathan